Gifts From Silicon Valley Donors Fuel Community Foundation’s Growth
MOUNTAIN VIEW, Calif. - Silicon Valley Community Foundation received more than $985 million in new gifts from individual and corporate donors in 2012 in a sign that the nation’s capital of innovation is now at the forefront of a new era in philanthropy and giving.
With $2.9 billion in assets under management, SVCF remains one of the largest community foundations in the world and, with its donors, is the largest single funder of Bay Area-based nonprofits.
“Silicon Valley has long been the center of new ideas and new technology,” said CEO Emmett D. Carson. “Now, our region is also a leader in a new wave of philanthropy characterized by donors who want to change the world during their lifetimes.”
Beginning in the early 1900s, Carson said, U.S. philanthropy was centered in the Mid-West and East Coast, where major private foundations such as Kellogg and Carnegie located. With the rise of the technology economy and the successes enjoyed by the founders of Hewlett-Packard, Microsoft and Intel, among others, major foundations were created on the West Coast.
“The past year should leave no doubt that Silicon Valley is at the forefront of a new era in giving,” Carson said. “We’re grateful to be part of that movement and pleased that so many have turned to SVCF to help fulfill their ambitious philanthropic goals.”
Last year, individuals, organizations and companies created 138 charitable funds at SVCF, the most in any year since the community foundation opened for business in January 2007. SVCF raised more than $985 million in new charitable funds in 2012, marking its most successful year to date.
“We are honored that so many have chosen us as their preferred philanthropic partner. We look forward to working with our donors to address problems here at home and around the world,” said Carson. “Charitable giving and effective philanthropy are needed now more than ever to address poverty, to build better schools, to address the threat of climate change and to fuel new ideas that can change the world.”
With its individual and corporate donors, SVCF last year awarded $292 million in grants locally, nationally and around the world.
Since it was created in 2006 from the merger of Community Foundation Silicon Valley and Peninsula Community Foundation, SVCF has experienced continued growth. The merger created a community foundation that had more than $1.5 billion in assets under management and 1,400 philanthropic funds.
Today, SVCF’s assets under management have grown to $2.9 billion and it manages more than 1,650 funds. The community foundation has been ranked as one of the top 20 U.S. funders by total giving, according to The Foundation Center, based on 2011 figures. And last year, it ranked 31st on the Chronicle of Philanthropy’s top 400 nonprofits by fundraising, up from 130th in 2011.
About Silicon Valley Community Foundation
Silicon Valley Community Foundation makes all forms of philanthropy more powerful. We serve as a catalyst and leader for innovative solutions to our region’s most challenging problems. The community foundation has $2.9 billion in assets under management and more than 1,650 philanthropic funds. As Silicon Valley’s center of philanthropy, we provide individuals, families and corporations with simple and effective ways to give locally and around the world. Find out more at www.siliconvalleycf.org.